Garage Condo with
For Sale
$397,000
E1-341 1st St, Mead, CO 80542
Includes mezzanine space and an oversized 14' x 14' garage door with opener.
Property Size1,690 SF
Price / SF$234.91
Days on Market105
Property Features for E1-341 1st St
General Information
Standard status
Active
Size
1,690 SF
Additional Details
Business Included
No
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$11,266
Amenities
fresh water station
dump station
car wash
Listing Agency:
RE/MAX Nexus
Listed By:
Abby Renner · License #ER40029855
(970) 295-4760
Source:
Exprealty
Added: May 31
Changed: Sep 11
Last Checked: Sep 11 at 2:28PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Nexus
Investment Insights
Based on property information with market context.
This is a one-of-a-kind garage condo in The Ultimate Garage Club’s “Sledgehammer” model. The unit offers a 1,300 SF main garage area plus a 390 SF mezzanine, built with durable epoxy floors and high-bay lighting. It also includes radiant heat and fully insulated construction for year-round comfort, along with a large ceiling fan. A 1/2 bathroom supports flexible use, and the mezzanine features laminate flooring for added versatility. Electrical service is provided with 220V / 100-amp.
The community is fully secure with a fenced setup, and owners have access to on-site amenities including a fresh water station, dump station, and car wash. HOA services cover building insurance, road maintenance, and snow removal. The property is located in Mead, CO, about 1 mile west of I-25 for convenient commuter access.
The community is fully secure with a fenced setup, and owners have access to on-site amenities including a fresh water station, dump station, and car wash. HOA services cover building insurance, road maintenance, and snow removal. The property is located in Mead, CO, about 1 mile west of I-25 for convenient commuter access.
Key Highlights
- Sledgehammer model garage condo with 1,300 SF main space plus a 390 SF mezzanine
- Oversized 14' x 14' garage door with opener
- Durable epoxy floors, high‑bay lighting, radiant heat, and a super‑sized ceiling fan
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$18,852
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.75%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$377,040
$377.0K
Cap Rate 7%
$269,314
$269.3K
Cap Rate 9%
$209,467
$209.5K
Market Conditions
NOI Build-Up for 1,690 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$24.1K $14.28/SF
− Vacancy
−$2.0K −$1.16/SF
EGI
$22.2K $13.12/SF
− OpEx
−$3.3K −$1.97/SF
NOI
$18.9K $11.15/SF
Area
Weld County, CO
Vacancy
8.10%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$377,040
Cap Rate 7%
$269,314
Cap Rate 9%
$209,467
Alternative Uses
Best Use
Warehouse
$269.3K
$235.7K – $314.2K
NOI $18,852 @ 7.0% cap · market cap 4.75%
Second Best
Self Storage
$10.1K
$8.8K – $11.8K
NOI $706 @ 7.0% cap · market cap 0.18%
Theoretical Best
Office B
$308.0K
$269.5K – $359.3K
NOI $21,560 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
133
Businesses Nearby
Explore this area
Business Placement
Demographics for 80542, CO
4,841
Population
1,778
Households
2.7
Avg Household Size
40
Median Age
52%
College-Educated
93%
High-School Grad
9.2 sq mi
ZIP Area
526
Density / Sq Mi
$127,500
Median Household Income
$58,578
Median Earnings
$2,694
Median Rent
$590,500
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Includes mezzanine space and an oversized 14' x 14' garage door with opener.
Where is this self storage facility located?
The property is located at E1-341 1st St Mead, CO.
What is the asking price?
The asking price for this property is $397,000.
What are key features of this property?
This property features: Sledgehammer model garage condo with 1,300 SF main space plus a 390 SF mezzanine; Oversized 14' x 14' garage door with opener; Durable epoxy floors, high‑bay lighting, radiant heat, and a super‑sized ceiling fan
